Regions Financial net income rises

SteveGelsi

NEW YORK (MarketWatch) -- Regions Financial Corp.
RF, +0.34%
on Tuesday said first-quarter net income for the three months ended March 31 rose to $333 million, or 45 cents a share, from $294.7 million, or 64 cents a share in the year-ago period. Excluding 4 cents of merger charges, earnings from continuing operations were 69 cents a share. Analysts surveyed by Thomson Financial forecast earnings of 66 cents a share, on average. Its Morgan Keegan brokerage unit earned $45.5 million on revenue of $302.0 million. Regions mortgage revenue declined $7.1 million, "as a result of lower secondary marketing gains, reflecting the challenging operating environment for the mortgage industry as a whole," the Birmingham, Ala. company said.

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